Introduction to NFTs
An abstract on NFTs
The creation of Bitcoin introduced the concept of trustless, digital scarcity to money. Before it, the cost of digitally copying of something was next to nothing. With the advent of blockchain technology, programmable digital scarcity has become possible — letting us map the digital world to the real world. Non-fungible tokens (NFTs), often referred to as crypto collectibles, expand this idea.
Unlike cryptocurrencies, where each token is equal, Non-Fungible Tokens are unique and limited in quantity.
NFTs are a key building block in a new, blockchain-powered digital economy. Numerous projects have experimented with NFTs in a variety of use cases, including gaming, digital identity, licensing, certificates, and fine art. What’s more, NFTs even allow for fractional ownership of high-value items.
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